Desperate to get that dream boat? Buying
a boat is a significant purchase - beyond the reach of most monthly
pay packets! A Boat Loan could be
the answer.

A Boat Loan - also
known as a Marine Mortgage - is a loan
that is for the purpose of buying a boat and has the boat itself as
security.

The lender is with rights in the
Boat to hold as security until the loan
is repaid. It the terms of the loan repayment are not met,
then the lender may be able to use the
Boat to recover what is owing. Typically, if terms of
the repayment and interest on the loan are not met, then the lender
has the right to sell the
Boat to recover the debt.

Because the lender takes less risk with a
secured loan, available secured loans may be larger, longer term or
at lower interest rates than unsecured loans. Remember -
secured loans are less risk for the lender, only because the
borrowed keeps the risk. If you do not meet the terms of the
loan, you risk forfeiting the security.